Globalstar sees annual revenue ‘more than double’ 2024 levels after Apple pact

In a regulatory filing, Globalstar (GSAT) notes that on October 29, the company and customer Apple (AAPL) agreed to make certain amendments to the Services Agreements and entered into other related agreements for Globalstar to deliver expanded services to customer over a new mobile satellite services, or “MSS,” network, including a new satellite constellation, expanded ground infrastructure, and increased global MSS licensing. “In the first annual period following the launch of the expanded Satellite Services, the Company estimates that its total annual revenue is expected to be more than double 2024 annualized levels with an improved EBITDA margin. Excluded from these numbers is upside from, among other areas, terrestrial spectrum and XCOM RAN, which, by their nature are difficult to precisely forecast. The Company remains focused on successfully executing on terrestrial opportunities in addition to driving growth through the monetization of available satellite capacity. There is no assurance that the Company will receive all of the revenue estimated or expected under the Updated Services Agreements… The Company will host an in-person investor day in December 2024 to provide additional details and updates on its competitive strengths and business strategy and answer questions from investors and analysts,” the filing stated.